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Foreclosure Home Sales Up, Conventional Sales Down, In Metro Detroit

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DETROIT (WWJ) – Foreclosure real estate sales rose but non-foreclosure sales declined in the Detroit area in May compared to a year earlier, according to the Farmington Hills real estate information firm Realcomp II Ltd.

In the 10-county region covered by the report, non-foreclosure sales were 3,186 in May, down 13.9 percent from 3,701 in May 2010. As for foreclosure sales, they were 2,493, up 10.4 percent from 2,258 in May 2010.

Realcomp officials said the number of housing units on the market continues to decline — 33,029 in May, vs. 38,344 units a year earlier — as does the average time on the market before a house is sold, down to 97 from 103 a year earlier.

By submarket, the figures were as follows:

Detroit: 453 foreclosure ales, down 0.7 percent from 456 in May 2010; 214 non-foreclosure sales, up 9.7 percent from 195 in May 2010. Median sale price on foreclosure sales, $8.112, up 1.4 percent from $8,000 a year earlier’ median sale price on non-foreclosure sales, $13,000, up 4 percent from $12,500 in May 2010.

Genesee County: 244 foreclosure sales, up 212.8 percent from 78 a year earlier; 246 non-foreclosure sales, down 42.5 percent from 428 a in May 2010. Median sale price on foreclosure sales, $25,000, down 43.8 percnet from $44,500 in May 2010. Median sale price on non-foreclosure sales, $76,450, up 39.6 percent from $54,750 a year earlier.

Huron County: two foreclosure sales, up from zero a year earlier. Ten non-foreclosure sales, up 233.3 percent from three a year earlier. Median sale price on foreclosure homes, $28,500. Median sale price on non-foreclosure sales, $103,850, up 55 percent from $67,000 a year earlier.

Lapeer County: 50 foreclosure sales, up 25 percent from 40 a year earlier. 34 non-foreclosure sales, down 35.8 percent from 53 a year earlier. Median sale price on foreclosure sales, $45,000, down 32.1 percent from $66,250 a year earlier. Median sale price on non-foreclosure sales, $94,500, down 3.1 percent from $97,500 a year earlier.

Livingston County: 78 foreclosure sales, up 11.9 percent from 67 a year earlier. Non-foreclosure sales, 134, down 1.5 percent from 136 a year earlier. Median sale price on foreclosure sales, $92,001, down 17.9 percent from $112,000 a year earlier. Median sale price on non-foreclosure sales, $163,000, up 4 percent from $156,750 a year earlier.

Macomb County: 419 foreclosure sales, up 17.7 percent from 356 a year earlier. 502 non-foreclosure sales, down 5.5 percent from 531 a year earlier. Median sale price on foreclosure sales, $40,280, down 11.8 percent from $45,694 a year earlier. Median sale price on non-foreclosure sales, $87,000, down 17.1 percent from $105,000 a year earlier.

Oakland County: 481 foreclosure sales, down 9.9 percent from 534 a year earlier. 948 non-foreclosure sales, down 12.4 percent from 1,082 a year earlier. Median sale price on foreclosure sales, $57,000, down 9.5 percent from $63,000 a year earlier. Median sale price on non-foreclosure sales, $153,950, up 6.2 percent from $145,000 a year earlier.

Sanilac County: seven foreclosure sales, down 30 percent from 10 a year earlier. Six non-foreclosure sales, down 25 percent from eight a year earlier. Median sale price on foreclosure sales, $45,000, up 20.3 percent from $37,400 a year earlier. Median sale price on non-foreclosure sales, $40,250, down 54.6 percent from $88,750 a year earlier.

St. Clair County: 52 foreclosure sales, up 10.6 percent from 47 a year earlier. 60 non-foreclosure sales, down 9.1 percent from 66 a year earlier. Median sale price on foreclosure sales, $36,750, down 26.5 percent from $50,000 a year earlier. Median sale price on non-foreclosure sales, $125,500, up 22.5 percent from $102,450 a year earlier.

Tuscola County: Eight foreclosure sales, down 27.3 percent from 11 a year earlier. 17 non-foreclosure sales, up 70 percent from 10 a year earlier. Median sale price on foreclosure sales, $28,000, down 16.9 percent from $33,300 a year earlier. Median ale price on non-foreclosure sales, $71,000, down 11.8 percent from $81000

Wayne County excluding Detroit: 615 foreclosure sales, up 8.3 percent from 568 a year earlier. 748 non-foreclosure sales, down 11 percent from 840 a year earlier. Median sale price on foreclosure sales, $32,000, down 9.9 percent from $35,500 a year earlier. Median sale price on non-foreclosure sales, $82,500, down 8.8 percent from $90,500 year earlier.